SELL JPYINR DEC @ 58.7 SL 58.9 TGT 57.5-58.35 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.72-83.5.
Rupee gains amid heavy dollar inflows and a sharp rally in domestic equity markets to fresh record highs.
ADB revises India's FY 2023–24 economic expansion forecast to 6.7%.
India's merchandise trade deficit narrowed to USD 20.6 billion in November 2023 from USD 22.1 billion in the same month last year
SELL USDINR DEC @ 83.15 SL 83.28 TGT 83-82.9.
EURINR
Observations
EURINR trading range for the day is 90.44-92.
Euro pared all gains after downturn in euro zone business activity surprisingly deepened in December
The German economy is set to shrink slightly this year and barely grow the next as demand from abroad is weak
The HCOB Eurozone Services PMI fell to 48.1 in December of 2023 from 48.7 in the previous month
SELL EURINR DEC @ 91.05 SL 91.25 TGT 90.75-90.55.
GBPINR
Observations
GBPINR trading range for the day is 105.49-106.65.
GBP remained supported after data from the UK revealed an acceleration in the growth pace of the private sector's economic activity.
The S&P Global/CIPS UK Services PMI rose to 53.7 in December of 2023 from 50.9 in the previous month, above expectations of 51
The GfK Consumer Confidence indicator in the United Kingdom rose to -22 in December 2023 from -24 in November
SELL GBPINR DEC @ 106 SL 106.3 TGT 105.65-105.4.
JPYINR
Observations
JPYINR trading range for the day is 58.4-59.06.
JPY dropped on profit booking undermined by expectations for a hawkish BoJ pivot in 2024.
Japan's factory activity shrank for a seventh straight month in December
The au Jibun Bank Japan Services PMI rose to 52 in December 2023 from 50.8 in November
SELL JPYINR DEC @ 58.7 SL 58.9 TGT 57.5-58.35.
